Certification in Supplier Diversity Practice Exam

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In which year was GATT created as part of post-war economic recovery?

1945
1947
1950
1952

The correct answer is: 1947

The General Agreement on Tariffs and Trade (GATT) was established in 1947 as a way to promote international trade and economic recovery following the disruptions caused by World War II. It aimed to create a multilateral framework for negotiating trade agreements, reducing tariffs, and fostering global economic stability. This foundational agreement laid the groundwork for a more comprehensive global trading system and eventually contributed to the establishment of the World Trade Organization (WTO) in 1995. The timing of GATT's creation was crucial, as it came during a period when countries were seeking ways to rebuild their economies and foster cooperation to prevent future conflicts. This effort reflected a collective understanding that trade liberalization could contribute significantly to post-war economic growth and stability.